ACCT 2123 Assignment 4 Answer the following questions and submit in the text box in ecourses (Canvas) 1. Differentiate between a static budget and a fleable budget. How is each used? 2. Smith company makes a single product. The standard cost card for the production of one unit is below. Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials 6 pounds 2 hours $3.00 per pound $20.00 per hour $18.00 $40.00 Direct Labor During the most recent period, the company produced 1,000 units of product (inventory). It purchased 8,000 pounds of material. It paid $2.90 per pound for the material. The workers used 6,200 pounds of material to make the products. The workers worked 2.100 hours to make the output. Total payroll equaled 544,100. Calculate the direct material price variance Calculate the direct material quantity variance. Calculate the direct labor rate variance. Calculate the direct labor efficiency variance, Indicate if each variance is favorable or unfavorable SHOW YOUR FORMULAS AND CALCULATIONS